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The Effectiveness of Credit Policy: Evidence from the Republic of Korea

Jiho Lee

Asian Development Review, 2019, vol. 36, issue 1, 206-224

Abstract: In response to the global financial crisis and subsequent Great Recession, central banks embarked on a variety of unconventional measures. Among others, credit policy has been widely employed in many advanced economies. However, credit policy is far less understood than unconventional monetary policy by both policy makers and academic scholars. This paper sheds new light on what credit policy is, how it differs from other central bank policies, and what its risks and limitations might be. In particular, I examine whether credit policy has been effective in stimulating the real economy in the Republic of Korea.

Keywords: credit policy; fiscal aspects of central banking; quantitative easing and credit easing; unconventional monetary policy (search for similar items in EconPapers)
JEL-codes: E40 E50 E52 E58 E60 (search for similar items in EconPapers)
Date: 2019
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